UK GDP Contracts Again—BoE Faces August Rate Cut Dilemma; GBP/USD Sinks

UK GDP Contracts Again—BoE Faces August Rate Cut Dilemma; GBP/USD Sinks

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Considering the current inflation levels and May’s GDP numbers, a weakening in the labor market may boost bets on a BoE policy move. The BoE kept interest rates at 4.25% in June, with six Monetary Policy Committee members voting in favor of leaving rates unchanged.

Nevertheless, concerns about services inflation could overshadow today’s data and the potential impact of a deteriorating labor market on the UK economy. The n

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